Analysts at JPMorgan, one of the world's largest investment banks, prepared a report on Bitcoin mining and reward halving. Analysts stated that miners with low electricity consumption may go through the process more easily, but those with high costs will go through difficult times.
A new report prepared under the supervision of Nikolaos Panigirtzoglou, PMorgan's chief analyst, shed light on the halving, which is expected to occur in the second quarter of next year.
“It can double”
The report stated that the current reward of 6.25 BTC per block will decrease to 3.125 BTC, which will be an important endurance test and includes the following statements:
“After the halving, miners with low electricity costs will be able to better cope with the system that will emerge. Those with high electricity costs will have a hard time. As a result, miners will have to both keep up with this changing environment and maintain their profitability. “According to our Bitcoin production cost model, the increasing cost of 1 cent per kilowatt hour corresponds to $4300 per Bitcoin. This situation may increase to $8600 after the halving.”
“As the halving approaches, the struggle will increase”
Analysts also stated that the struggle between miners will get tougher as the halving approaches. As it is known, recently, hash rate, which represents computer power, and mining difficulty have broken records one after another. The difficulty rose above 53 trillion for the first time in history the other day and reached 53.9 trillion.
On the other hand, JPMorgan analysts stated that the interest in Ordinals, which reached a frenzy level in May, has now decreased significantly and therefore miner revenues have decreased compared to that period.
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